15. Potential conflicts of interest and disclosures

1. Vault and its affiliates (together, the “Group”) provide a number of services to a range of clients and there may be times when there is a conflict between the Group’s interest and the duty owed to a client, or a conflict between the differing interests of two or more clients to whom in each case the Group owes a duty. Vault and any affiliate may affect transactions in which Vault, any affiliate, another client of Vault or of an affiliate has, directly or indirectly, a material interest or a relationship of any description with another party, which involves or may involve a potential conflict with Vault’s duty to you.

2. Vault is required to have in place arrangements with a view to taking all reasonable steps to prevent such conflicts of interest constituting or giving rise to a material risk of damage to the interests of its clients. Vault will ensure that such transactions are affected on terms which are not materially less favourable to you than if the conflict or potential conflict of interest had not existed. Vault has a Conflicts of Interest Policy that sets out the types of actual or potential conflict of interest which affect our business and includes details of how these are managed.